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Managing Through Money Worries

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Money. It’s on many of our minds. You may have lost your job, seen your hours slashed, or your retirement savings plummet. Studies show that finances are one of our biggest sources of stress, and the uncertainty we’re dealing with takes this stress to another level.

While we can’t tell you when this will get better, we can offer some tools to help you manage the toll financial stress is taking.

Accept that this just plain sucks

Losing your job, putting your business on hold, being in limbo… sucks. Period. It’s natural to feel angry, sad, stressed – you name it. But only once you accept what is happening, can you face it. (And, as we’ve learned before, acceptance is different than defeat.) Once you’ve accepted that this is where you are, you can start putting more energy into your strengths, abilities and next steps. Think about ways you’ve faced similar challenges before and how you survived it.

Practise good self-care

Continue to do the things that feel good for your mind and body. Eat well, stay active and be kind to yourself. Set up video chats with friends or family members that perk up your mood.

 

Take news breaks.

24/7 reporting on the dire times ahead can get overwhelming and keep us stuck in a negative cycle of thinking. While it is important to stay informed, take breaks from the news. Try limiting yourself to one or two websites, and minimize social media if you find it isn’t helping.

 

Lean on your community
Many Canadians are going through a very similar situation, some of whom are in the same profession as you. Connect with your community online (e.g., Facebook groups, LinkedIn, professional websites) to get tips on how others are coping, or learn about new sources of revenue they’ve discovered.

Don’t take unnecessary risks

It may be tempting to play the stock market or look to other fast sources of income, but if you don’t have extra money to play around with (and have uncertainties about your future income), now is not the time to take a gamble. It can end up leading to greater financial struggles and stress.


Plan for the post-pan
If you have time on your hands, use it to your advantage. Update your CV, portfolio website, reference list, etc. so you will be ready to go post-COVID. Explore the financial resources offered by the Canadian government to see if you’re eligible for assistance. 

Take it one day at a time
For many, everything has changed in what seems like a blink of the eye. Take it a day at a time. Try not to dwell on the negative, and remind yourself of your skills, experience and talents. Ask for help if you need it, and trust that this will get better.

Studies show that finances are one of our biggest sources of stress, and the uncertainty we’re dealing with takes this stress to another level.

Stronger Minds content is for informational purposes only, does not constitute medical advice, and is not a substitute for professional medical advice, diagnosis, or treatment. This content is not intended to establish a standard of care with a reader, you should always seek the advice of your mental health professional, physician or other qualified health provider with any questions or concerns you may have regarding a medical or mental health condition. If you think you may have a medical or mental health emergency, call your doctor, go to the nearest hospital emergency department, or call emergency services immediately. You should never disregard or delay seeking medical advice relating to treatment or standard of care because of information contained herein. Medical information changes constantly. Therefore the information herein should not be considered current, complete or exhaustive, nor should you rely on such information to recommend a course of treatment for you or any other individual. Reliance on any information provided herein is solely at your own risk.